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Look for Shares of Arena Pharmaceuticals to Potentially Rebound after Yesterday's 6.51% Sell Off

Jan 18, 2013 (SmarTrend(R) News Watch via COMTEX) --
Arena Pharmaceuticals (NASDAQ:ARNA) traded in a range yesterday that spanned from a low of $9.76 to a high of $10.30. Yesterday, the shares fell 6.5%, which took the trading range below the 3-day low of $10.13 on volume of 20.3 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.

Over the past year, Arena Pharmaceuticals has traded in a range of $1.54 to $13.50 and is now at $9.77, 534% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 1.9% while the 50-day MA has advanced 2.4%.

SmarTrend recommended that subscribers consider buying shares of Arena Pharmaceuticals on October 16th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.36. Since that recommendation, shares of Arena Pharmaceuticals have risen 11.7%. We continue to monitor ARNA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Write to Chip Brian at cbrian@mysmartrend.com
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